Bitcoin outbreak Sparks crypto chaos: What traders must know now

The plunge in Bitcoin has caused turmoil in the crypto market, and the digital finance field is facing severe tests.

Bitcoin (BTC) price has fallen nearly 4% recently, dragging down the overall cryptocurrency market.

As of press time, Bitcoin fell 3.9% in 24 hours to $77,816.41, after hitting a high of $83,778.12.

Bitcoin price chart (1 day):

Chart: TradingView

Relative Strength Indicators (RSI) Analysis:

The RSI indicator is used to measure the recent price fluctuations and determine whether the asset price is overbought or oversold. The RSI value is between 0 and 100. Generally speaking, an RSI value above 70 means that the asset is overbought and may be a pullback; a lower than 30 means that it is oversold and may be a rebound.

Currently, Bitcoin RSI value is 71.86, which is in the overbought area and may face the risk of a pullback in the short term.

Key price points:

After Bitcoin broke through the key support level of $75,000, the bulls dominated. The next focus is the important psychological barrier of $80,000.

Support level:

• $75,000
• $70,000
• $65,000

Resistance level:

• $80,000
• $85,000
• $90,000

It should be noted that Bitcoin usually has increased volatility during low liquidity periods (such as weekends or holidays).

Investors need to conduct reasonable risk management and transactions based on their own risk tolerance.

Cryptocurrency price performance today:

Other major cryptocurrencies price changes:

Cryptocurrency’s 7-day rise and fall:

Solana (SOL) declines 5.4% Binance Coin (BNB) declines 4.8% Ethereum (ETH) declines 8% Cardano (ADA) declines 3.7% Dogecoin (DOGE) declines 2.4% Aptos (APT) declines 10% Ordinals (ORDI) declines 12%

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